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Mortgage Options - HELOC, Cash-out-refinance?

Timbo1
New Visitor

Mortgage Options - HELOC, Cash-out-refinance?

I previously purchased my house in cash and over the course of the last five years have taken out a HELOC (Currently owe $97,000) and an Equity Loan (Owe $91,000).   My house is worth approximately $500,000.   What would be the best option if I wanted to pull another $75,000 out of my houses equity?  Could I pay off my existing two loans ($97K + $91K) with a new loan plus add the additional loan amount ($75K) so that I only have one loan going forward?   I really appreciate any insight on the best way to move forward.  

 

Thanks,

 

Tim

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1 REPLY 1
rushingjr
Valued Member

Re: Mortgage Options - HELOC, Cash-out-refinance?

Why would you want to do that?  What are you doing with the first loan?  You're saying you would get a third equity loan at $75k and a fourth for $188K to pay off the first two?  I'm just trying to understand.

Message 2 of 2
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